Anchorage Digital, a crypto custody firm, has permitted its institutional clients to give their opinions on proposals for tokens they have without payment of gas fees, as stated by Cointelegraph.
According to Cointelegraph, Anchorage will merge Snapshot, a multi-governance client, to permit its “token-holding community users,” to vote on governance proposals with their tokens. It’s believed that the voting procedure will happen with Anchorage’s custody barring any fund movements.
“The tradeoff for such convenience comes in the form of on-chain guarantees; Snapshot voting is free because votes are counted off-chain and thus do not require gas payments. The responsibility to enforce the decision is typically entrusted to a multisig that the protocol team operates,” Anchorage stated.
Based on Cointelegraph’s information, Anchorage currently backs “over 60 ERC-20 tokens,” and intends to extend support for all future ERC-20 tokens. In October, 2022, it’s revealed that Anchorage expanded its range of services to Asia with five new institutional partners such as Bitkub, DreamTrade, FBG Capital, among others. Sources suggest that Snapshot has been given responsibility to assemble votes from AAVE and LDO token holders.
(With insights from Cointelegraph)